Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on RAIFFEISEN BANK INTERNATIONA. We currently have 5 research reports from 1 professional analysts.
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RAIFFEISEN BANK INTERNATIONA
RAIFFEISEN BANK INTERNATIONA
Good Q3 results clearly above consensus expectations
16 Nov 16
Pre-tax profit increased by 88% to €296m for Q3 16 compared to the originally released pre-tax profit for Q3 15 and was up by 17% versus the restated Q3 15 figure. RBI restated a full goodwill impairment of €96m on the Polish subsidiary from Q3 to Q4 15. Net interest income declined by 10% to €732m in Q3 16, while risk provisions were down by 48% to €100m. Commission income decreased by 2% to €378m for Q3 16. The trading result was a profit of €52m for Q3 16 compared to a loss of €14m for Q3 15. The net result from financial investments was a loss of €6m for Q3 16 versus a profit of €7m in Q3 15. Income from derivatives and liabilities was a loss of €71m in Q3 16 compared to a profit of €20m in Q3 15 which includes valuations for credit spreads on own liabilities. Administrative expenses were down by 4% to €687m for Q3 16. The tax ratio rose from 21% for Q3 15 to 28% for Q3 16. Profit after tax and minority interests was €184m for Q3 16 compared to €90m for Q3 15 and €184m for the restated Q3 15 figures. The common equity ratio 1 (CET1) under Basel 3 fully-loaded was 12.3% at the end of September 2016 compared to 11.5% at the end of 2015.
Merger with RZB agreed
06 Oct 16
The management and supervisory boards of Raiffeisen Zentralbank Österreich AG (RZB) and Raiffeisen Bank International AG (RBI) have passed in principle a resolution to merge RZB and RBI. RZB would be merged into RBI. The merged company will continue to be listed on the stock exchange. An Extraordinary General Meeting of RBI which is to vote on the merger, requiring a 75% majority of the share capital present, is planned for 24 January 2017. The common equity tier 1 ratio (fully loaded) of the merged entity, based on the pro forma calculations, would be 11.3% at 30 June 2016. Management expects the RBI free float percentage to decrease between 34.6% and 35.7% from currently 39.2% following execution of the transaction based on the valuation of both companies. The financial targets of RBI are to remain effective and unchanged and will also apply to the merged institution following the merger transaction: a CET1 ratio (fully loaded) of at least 12% and a total capital ratio (fully loaded) of at least 16% are targeted by the end of 2017. A return on equity before tax of c.14% and a consolidated return on equity of c.11% are aimed at in the medium term. A further objective is to achieve a cost/income ratio of between 50% and 55% in the medium term.
Good Q1 figures and consolidation of RZB and RBI under evaluation
11 May 16
Pre-tax profit increased by 20% to €229m for Q1 16 versus Q1 15. Net interest income declined by 12.5% to €718m in Q1 16, while risk provisions were down by 60% to €106m. Commission income decreased by 4% to €347m for Q1 16. The trading result was a profit of €28m for Q1 16 compared to a loss of €62m for Q1 15. The net result from financial investments declined by 59% to €26m for Q1 16. Income from derivatives and liabilities was a loss of €27m in Q1 16 compared to a profit of €20m in Q1 15 which includes valuations for credit spreads on own liabilities. Administrative expenses were up by 4% to €718m for Q1 16. The tax ratio declined from 47% for Q1 15 to 40% for Q1 16. Profit after tax and minority interests rose by 37% to €114m for Q1 16 versus Q1 15. The common equity ratio 1 (CET1) under Basel 3 fully-loaded was unchanged 11.5% at the end of March 2016. The Boards of Raiffeisen Zentralbank Österreich AG (RZB) and Raiffeisen Bank International AG (RBI) have decided to examine a potential consolidation of RZB and RBI. The objectives of a consolidation of the businesses would be simplification of the corporate structure and adapting the group more closely to increased regulatory requirements. No resolutions with respect to implementation have been passed by the respective management bodies. A possible consolidation of RZB and RBI would not affect RBI’s stock exchange listing.
Higher 2015 profit as expected due to cost switch, weakness of guidance from management
02 Feb 16
RBI released some preliminary figures for FY2015. Pre-tax profit increased from a restated loss of €105m for FY2014 to a profit of €696m for FY2015. Net interest income declined by 12% to €3.33bn in 2015 compared to 2014. Risk provisions were down by 26% to €1.27bn for 2015. Commission income decreased by 4% to €1.52bn. The trading result was a profit of €16m for 2015 compared to a loss of €30m for 2014. Administrative expenses declined by 4% to €2.91bn for 2015. The result after tax and minority interests was a profit of €383m for 2015 versus a restated loss of €617m for 2014. The common equity ratio 1 (CET1) under Basel 3 fully-loaded was 11.5% at the end of 2015 compared to 10.0% at the end of 2014. The final and full set of figures will be published as announced with the 2015 financial report on 16 March 2016.
Weak Q3 results due to one-offs, more restructuring costs incurred after 2015
12 Nov 15
Pre-tax profit was €157m for Q3 15 compared to a loss of €16m for Q3 14 and decreased by 44% versus Q2 15. Net interest income declined by 14% to €813m in Q3 15 compared to Q3 14 while risk provisions were down by 73% to €191m. Commission income decreased by 5% to €384m for Q3 15. The trading result was a loss of €14m for Q3 15 compared to a profit of €30m for Q3 14. The net result from financial investments was €7m compared to €23m in Q3 14. Income from derivatives and liabilities was a profit of €20m in Q3 15 compared to €103m for Q3 14 which includes valuations for credit spreads on own liabilities. Other net operating result was a loss of €159m for Q3 15 compared to a loss of €225m in Q3 14. Administrative expenses were down by 8% to €713m for Q3 15. The tax ratio was 33% for Q3 15. Profit after tax and minority interests was €90m for Q3 15 versus a loss of €119m for Q3 14. The common equity ratio 1 regarding Basel 3 fully phased-in was 10.8% at the end of September 2015.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
Dodging the bullets
17 Jan 17
FY2016 will be mixed with higher than first forecast PBT at Beazley, Hiscox and Helios but lower PBT at JLT, Lancashire and Novae. Lancashire’s Q3 special dividend (its key driver for now) beat consensus. Losses picked up but didn’t deliver the knockout blow needed. FX boosted returns, especially for the sterling reporters. 2017 will be more challenging and we remain cautious on a 12M view given the likely pressures from soft pricing, rising claims activity, unrealised bond losses etc. However, it does feel as if we are getting close to the bottom. Quality over quantity is key. Add JLT, Novae; Buy Helios.